Alfa Capital Partners and Moscow-based World Class fitness chain are to form a strategic partnership to further develop the chain and expand into Russia’s mid-market segment.

Both partners will invest up to US$120m (£67m) by 2010 to develop the existing 21-club chain and acquire and rebrand other fitness clubs.

According to World Class’s latest estimate, the penetration of modern fitness clubs in Moscow is 1.5-2 per cent, compared with London’s 20-30 per cent and Barcelona’s 34 per cent.

The Moscow market is expected to grow at 20-30 per cent a year until it reaches 10 per cent.

World Class president Olga Sloutsker will continue in her role as president and will become chair of the board.

Photograph: Olga Sloutsker